青藏高原东缘山地古冰川沉积物化学参数指示意义

对于冰川沉积物化学特征的分析,可以有效地反映当地古环境的气候状况,本文通过对青藏高原东缘的古冰川山地的冰碛物进行采样,结合部分其他山地样品数据,进行地球化学元素实验,计算以及对比其化学参数。得到青藏高原东缘等十处古冰川山地冰川沉积物化学组分构成,利用CIA等参数分析其对当地环境的指示意义。     

COMMUNICATION ABOUT FUTURE POLICY RATES IN THEORY AND PRACTICE: A SURVEY

We discuss the theoretical rationale for central bank communication about future policy rates, either as part of inflation targeting or in the form of forward guidance. We also summarize both actual central bank communication about future policy rates and empirical evidence on the effectiveness of these types of communication. We argue that there is a disconnect between the theory and practice of forward guidance, as theory assumes commitment on the part of the central bank, while in practice central banks generally do not commit. Future theoretical research on forward guidance should therefore take the absence of commitment by central banks into account.     

The effectiveness of the ECB’s unconventional monetary policy: Comparative evidence from crisis and non-crisis Euro-area countries

During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these programs lowered the bond yield spreads of Euro-area countries. This hypothesis is tested using pooled OLS estimations and two different datasets: monetary policy event dummies and the purchase volumes of the Securities Markets Programme (SMP). Overall, we find significantly negative effects on bond yield spreads for both datasets, leading us to accept the hypothesis. While the OMT reduces the spreads of both crisis and non-crisis countries, LTROs and the lowering of the deposit rate to 0 percent are mainly effective in non-crisis countries. The SMP lowers the spreads of crisis countries, but it has the opposite effect on non-crisis countries. This converse effect is explained by the risk that increasingly accumulates on the ECB’s balance sheet through the SMP and that way constitutes a fiscal risk for non-crisis countries. The results are confirmed by pooled OLS estimations that measure the effect of unconventional monetary policy on central government debt.     

Unconventional Monetary Policy in the Eurozone: A Lack of Forward Guidance?

From July to December 2011, the three-month EURIBOR-OIS and EURIBOR-Repo spreads quadrupled and reached 100 basis points due to a stabilization of the EURIBOR and a decrease in the overnight index swap (OIS) and Repo. Using a specific monetary policy announcements and financial indicators database, we find that the European Central Bank’s (ECB’s) unconventional measures did not systematically have a calming effect: Asset buyout announcements decreased market strains, whereas interest rates and liquidity provision announcements did not. Moreover, liquidity provision seems to have a stressing effect. Our findings are consistent with the theoretical underpinnings according to which forward guidance crucially determines the effectiveness of unconventional monetary policies.     

Grounded: Characterising the market exit of European low cost airlines

The aim of this paper is to undertake a comprehensive study of low cost carrier (LCC) market entry and exit in Europe between 1992 and 2012. In the 20 year period between 1992 and 2012, 43 LCCs have taken advantage of the progressive liberalisation of the European aviation market and commenced scheduled flight operations within the continent. Of these 43, only 10 remain operational, a failure rate of 77%. This paper contributes to extant literature on LCCs by examining the market entry, business practices, operating longevity and fate of failed operators to characterise European LCC market exit. Drawing on the findings of a detailed continental-wide study, the paper identifies that an airline's start-up date, the nature and size of its operation and the size and composition of its aircraft fleet are key factors which influence LCC success and failure. The implications for both European and emerging LCC markets are discussed.     

中共六届四中全会的教训与启示

六届四中全会上,共产国际远东局米夫按照苏联方面的意愿,撤掉了李立三和瞿秋白,将自己所欣赏的但又无充分领导能力的留苏学生王明、博古等人扶上了领导岗位,压制党内反对派,给我们党带来了巨大的危害。文章通过这一反例强调了独立自主在党的建设上的重要性。     

Measuring image: shopping centre case studies

The first goal of the paper is to define the concept of micro-marketing, overcoming the 'specialized' perspectives and definitions that have prevailed so far. Micro-marketing relates to ways of controlling environment complexity, facilitated by information technology and required by highly competitive markets. Such control has three forms: segmentation , which reduces complexity to a controllable number of variables; organization , which absorbs a certain amount of complexity by modelling the structure onto the environment; technology , which explores complexity and dominates it through simplification. The second goal is to demonstrate that micro-marketing can build a sustained competitive advantage. Finally, the theoretical implication of the diffusion of a micromarketing approach in the retailing industry is discussed. The areas of strategy, organization, channel relationships, and customer satisfaction are examined. Should micro-marketing become widespread in the retailing industry, we argue that its final result would be increased welfare for the consumer, as long as retailers capitalize on the power of information and stand as a 'countervailing power' to suppliers in the channel.     

在中部崛起中率先发展——安徽省发展的机遇、挑战与对策

"中部崛起"的政策内涵和战略意义不仅仅强调板块发展的整体性,更注重区域内部及外部各因素的优势发展和协调发展。中部崛起带来的机遇和挑战表明,加快安徽发展对于中部崛起具有重要意义。在统筹区域发展的思路下,依据本省实际,安徽应在中部崛起的战略机遇中,乘势而上,实现自身较快发展。